Company Registration No. 10508888 (England and Wales)
DRAYTON ANIMAL HEALTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DRAYTON ANIMAL HEALTH LIMITED
COMPANY INFORMATION
Directors
Mr J S A Wood
Mr S S Wood
Mr P E Hill
Company number
10508888
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
26-28 Evesham Walk
Kingfisher Centre
Redditch
Worcestershire
B97 4EX
DRAYTON ANIMAL HEALTH LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
DRAYTON ANIMAL HEALTH LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DRAYTON ANIMAL HEALTH LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drayton Animal Health Limited for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Drayton Animal Health Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drayton Animal Health Limited and state those matters that we have agreed to state to the Board of Directors of Drayton Animal Health Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drayton Animal Health Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Drayton Animal Health Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drayton Animal Health Limited. You consider that Drayton Animal Health Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Drayton Animal Health Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
12 March 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DRAYTON ANIMAL HEALTH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
95,743
105,497
Current assets
Debtors
4
1,859,107
570,799
Cash at bank and in hand
89,546
521,544
1,948,653
1,092,343
Creditors: amounts falling due within one year
5
(353,571)
(123,651)
Net current assets
1,595,082
968,692
Total assets less current liabilities
1,690,825
1,074,189
Provisions for liabilities
6
(14,325)
(18,195)
Net assets
1,676,500
1,055,994
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
1,676,400
1,055,894
Total equity
1,676,500
1,055,994
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DRAYTON ANIMAL HEALTH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 March 2024 and are signed on its behalf by:
Mr S S Wood
Director
Company Registration No. 10508888
DRAYTON ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Drayton Animal Health Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
Motor vehicles
20% on reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DRAYTON ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 24 (2022 - 29).
DRAYTON ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
214,386
8,532
13,148
10,055
246,121
Additions
12,241
2,469
14,710
At 31 December 2023
226,627
11,001
13,148
10,055
260,831
Depreciation and impairment
At 1 January 2023
117,073
3,983
12,148
7,420
140,624
Depreciation charged in the year
21,913
1,405
619
527
24,464
At 31 December 2023
138,986
5,388
12,767
7,947
165,088
Carrying amount
At 31 December 2023
87,641
5,613
381
2,108
95,743
At 31 December 2022
97,313
4,549
1,000
2,635
105,497
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
373,476
503,345
Other debtors
1,485,631
67,454
1,859,107
570,799
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
144,827
28,643
Taxation and social security
194,045
78,940
Other creditors
14,699
16,068
353,571
123,651
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
14,325
18,195
DRAYTON ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
30 Ordinary of £1 each
30
30
30 Ordinary Deferred of £1 each
30
30
10 Ordinary Capital of £1 each
10
10
30 Ordinary Preferred of £1 each
30
30
100
100
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan accounts
2.25
8,992
899,863
4,784
913,639
8,992
899,863
4,784
913,639
Loans to the directors were repaid within nine months of the year end.
9
Ultimate controlling party
There is no ultimate controlling party.